Have you heard about the Gulfo, no it’s not another old Volkswagen being built in Mexico. It’s the new Petro Dollar or rather not Dollar. The Arab oil states have announced the creation of their own joint currency to get them off of the USD and just in case we decide to go all Iraqi Freedom on them they’ve announced a joint response task force as well. Okay so these guys are bluffing more then not but you didn’t hear a whisper about this in the US media.
Most western newspapers that did cover it dismissed it as unlikely because of squabbling among the parties but its probably more that everybody who consumes oil is just whistling past the gas pump. The rest of the world is even more dependent on Arab oil than the US is and the fact that they are moving ahead with this new currency at all is reason for concern if you are outside the US and hold Dollars.
It isn’t that they are really going to be issuing a lot of new currency but rather that they are pooling their foreign cash reserves and gold to make them a major player in the international banking community. We’ve been embargoing Iran to keep them from banking on a big scale so what will the US response be to this?
You have to wonder who is really behind this? Has anybody seen Dick Cheney lately? It wouldn’t be the first time the Saudis helped out the Bush Crime Family or are the rats just leaving the oil tanker while they can? We’ll just have to wait and see how this oil well burns. www.prairie2.com